Mitsu Corporation assembles motorcycles with special speed. Pullout Corporation uses a JIT production system and a backflush costing system with two trigger points: Purchase of direct materials and incurring of conversion costs Sale of finished goods The Inventory Control account will include direct materials purchased but not yet in production, materials in work in process, and materials in finished goods but not sold. No conversion costs are inventoried. Any under- or overallocated conversion costs are written off monthly to Cost of Goods Sold. There are no beginning inventories of materials or finished goods and no beginning or ending work-in-process inventories. The following data are for July 2019: Direct materials purchased $1,200,000 Conversion costs incurred $600,600 Direct materials used $1,375,000 Conversion costs allocated $625,000 Mitsu Corporation records direct materials purchased, and conversion costs incurred at actual costs. It has no direct materials variances. When finished goods are sold, the backflush costing system "pulls through" standard direct material cost ($50 per unit) and standard conversion cost ($25 per unit). Grand Devices produced 25,000 finished units in July 2019 and sold 24,000 units. The actual direct material cost per unit in July 2019 was $50, and the actual conversion cost per unit was $27. Required: Prepare journal entries for the period (without disposing of under-or overallocated conversion costs). (12 points)